In today’s FinTech news, Voyager has filed for Chapter 11 bankruptcy, which amplifies the increase turmoil in the general cryptocurrency ecosystem. Meanwhile, Revolut and Stripe are making inroads in Latin America, and Zelle is in the investigation again.
Crypto Lender Voyager seeks Chapter 11 protection
Crypto lender Voyager plans to restructure and requested Chapter 11 bankruptcy protection on Wednesday (July 6).
The company said it has approximately $ 1.3 billion of cryptocurrencies on the platform and more than $ 350 million in cash held in a For Benefit Of (FBO) account for customers. It also has more than $ 650 million in claims against the Singapore-based cryptocurrency hedge fund Three Arrows Capital, which is being wound up.
Revolut is working with Stripe to drive international growth
Revolut is expanding its FinTech business to Mexico and Brazil and working with Stripe to leverage its infrastructure and expertise as well as support payments in the UK and Europe.
“Revolut and Stripe share an ambition to upgrade financial services globally. We’ve excited about running Revolut as it builds, scales and helps people around the world get more out of their money, says Eileen O’Mara, EMEA’s revenue and growth manager at Stripe.
The law firm is investigating Zelle’s fraud reimbursement
The law firm Schubert Jonckheer & Kolbe LLP in San Francisco said it is investigating several banks regarding their reimbursement practices for fraud and the peer-to-peer payment system Zelle.
Last week, a class action lawsuit against Zelle and Wells Fargo was withdrawn in federal court. Zelle is operated by FinTech Early Warning Services, LLC, owned by Wells Fargo, Bank of America, Truist (formerly BBT), Capital One, JP Morgan Chase, PNC Bank and US Bank.
MoneyGram, Stellar integrates Wyre with Crypto-to-Cash conversion service
Cryptocurrency infrastructure provider Wyre integrates with MoneyGram’s global digital wallet on- and off-ramp service, which debuted last month on the Stellar Network.
Wyre can now offer its partners a way to switch between cash and cryptocurrency across the Stellar blockchain and MoneyGram’s global retail partner network.
Trucking Management Firm CloudTrucks debuts Visa Card
Trucking business management solution CloudTrucks introduced a Visa business card to help small fleets and owner operators track and pay expenses.
CT Credit was launched for those who may not qualify for traditional credit cards, and CT Credit Visa aims to provide companies with the financing they need to move goods, build credit and manage cash flow.